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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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HAINES WATTS (WESTBURY) LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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HAINES WATTS (WESTBURY) LLP |
HAINES WATTS (WESTBURY) LLP (REGISTERED NUMBER: OC418514) |
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Contents of the Financial Statements |
for the year ended 31 March 2020 |
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Page |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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HAINES WATTS (WESTBURY) LLP |
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General Information |
for the year ended 31 March 2020 |
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Designated members: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
HAINES WATTS (WESTBURY) LLP (REGISTERED NUMBER: OC418514) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Net assets attributable to members | 939,076 | 859,472 |
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Loans and other debts due to members | 7 | 939,076 | 859,472 |
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Total members' interests |
Loans and other debts due to members | 7 | 939,076 | 859,472 |
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The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
HAINES WATTS (WESTBURY) LLP (REGISTERED NUMBER: OC418514) |
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Balance Sheet - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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HAINES WATTS (WESTBURY) LLP (REGISTERED NUMBER: OC418514) |
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Notes to the Financial Statements |
for the year ended 31 March 2020 |
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1. | Statutory information |
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Haines Watts (Westbury) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Key sources of estimation, uncertainty and judgements |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments |
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Turnover |
Turnover represents amounts invoiced, net of value added tax, in respect of the provision of services to clients, commissions, and other trading income, plus the value, recognised by reference to the stage of completion, of other work undertaken in the period but not invoiced at the period-end. Revenue not billed to clients is included in debtors as accrued income. |
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Tangible fixed assets |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
HAINES WATTS (WESTBURY) LLP (REGISTERED NUMBER: OC418514) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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2. | Accounting policies - continued |
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Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payments is discretionary on the part of the LLP. |
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Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
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Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, therefore the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet. |
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All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
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3. | Employee information |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Plant and |
machinery |
etc |
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Cost |
Additions |
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At 31 March 2020 |
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Depreciation |
Charge for year |
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At 31 March 2020 |
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Net book value |
At 31 March 2020 |
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HAINES WATTS (WESTBURY) LLP (REGISTERED NUMBER: OC418514) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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5. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Loans and other debts due to members |
2020 | 2019 |
£ | £ |
Amounts owed to members in respect of profits | 939,076 | 859,472 |
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Falling due within one year | 939,076 | 859,472 |
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The loans and debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up. There are no restrictions on the ability of the members to reduce the amount of members' interests. |